After steadily climbing for several years, the number of Americans filing for bankruptcy is on the decline.

The number of bankruptcy filings in June was 120,623, or an average of 5,483 a day, a drop of 6.2 percent from May, when filings totaled 122,775, or 5,846 a day, according to a report from Epiq Systems, which tracks bankruptcy filings. Average daily filings are down nearly 10 percent from June of last year.

Though economic factors like foreclosures and unemployment play a role in bankruptcy, the filing rate tends to be more closely tethered to the amount of outstanding consumer debt. As lenders tighten their standards, filings tend to rise because struggling consumers can no longer rely on credit cards or other loans to get them through a rough period. But when more new loans are being made, filings tend to fall.

Consumers have also taken on less debt in the past three years, which means there is less debt to discharge and fewer incentives to file bankruptcy.

— New York Times

U.S. recoups 65 percent of bailout money

The Treasury Department has recovered about 65 percent so far of the $225 billion it spent to buy mortgage-backed securities to help stabilize the housing market during the recession.

As the government slowly sells off its holdings, officials reiterated Wednesday that they expected to make a profit on the sales of the securities purchased from mortgage financing giants Fannie Mae and Freddie Mac in 2008 and 2009.

The Treasury has recovered $146.9 billion of the $225 billion it spent to buy the securities, according to the department’s latest report. .

— Los Angeles Times

Jobs in service sector growing slowly

The U.S. service sector, which employs nearly 90 percent of the country’s work force, expanded for a 19th consecutive month in June. But growth slowed from May, a sign that the economy remains sluggish.

The Institute for Supply Management said Wednesday that its index for service companies dipped to 53.3 in June from 54.6 in May. Any reading above 50 indicates expansion.

The private trade group measures activity for a broad range of industries, including retail, health care, financial services and construction.

High gas and food prices have left consumers with less money to spend on discretionary goods, such as vacations, appliances and furniture. That has hurt retailers, restaurants and hotels.